FATCA Update

FATCA UPDATE Readers will be aware that on 30 June 2014 the Government of the BVI signed a Model 1(b) intergovernmental agreement (“IGA”) with the United States to implement the US Foreign Account Tax Compliance Act (“FATCA”). As result, the BVI committed itself to improving international tax compliance and reducing the possibility of US tax…

Securities and Investment Business (Incubator and Approved Funds) Regulations 2015

Through the recently published Securities and Investment Business (Incubator and Approved Funds) Regulations 2015 (the “Regulations”), the British Virgin Islands Financial Services Commission (“FSC”) has introduced two new regulated open ended fund products being the Incubator Fund and the Approved Fund. The Regulations came into force on 1 June 2015 and are designed to complement…

BVI recognition and assistance for foreign insolvency office holders

BVI recognition and assistance for foreign insolvency office holders By Alistair Abbott, Partner On 10 November 2014 the Privy Council handed down judgment in Singularis Holdings Limited v PricewaterhouseCoopers[1], which was heard alongside PricewaterhouseCoopers v Saad Investments Company Limited[2]. Both appeals were from decisions of the Court of Appeal of Bermuda. The Singularis decision may…

Resort hotel and condominium developments in the Cayman Islands – a recent judgment undermines the ability to control rentals

By Christopher Young, partner It is common for the developers of resort hotel and condominium developments to seek to control future rentals of condominium apartments within the resort that are to be sold to third party owners. Typically, control may be exercised through a requirement that any apartment rental should be through a single management…

Fairfield Sentry liquidators win key ruling in battle to secure better deal for the sale of Sentry’s claim in the estate of BLMIS

Fairfield Sentry liquidators win key ruling in battle to secure better deal for the sale of Sentry’s claim in the estate of BLMIS Second Circuit Clarifies Application of Section 363 in Chapter 15 Proceedings In a landmark decision, the Second Circuit Court of Appeals (“Second Circuit”) has confirmed the applicability of section 363 of the…

Enforcement of foreign judgments in the BVI

By Richard Baird, senior associate The enforcement of foreign judgments in the British Virgin Islands has been made more accessible by an amendment to the “service out” provisions of the Civil Procedure Rules 2000. The amendment gave legislative force to the result reached in a recent judgment of the Eastern Caribbean Court of Appeal. The…